Flacco's agent, Joe Linta, told NFL.com Sunday that the deal had been finalized, with the Ravens set to hold a press conference Monday afternoon to make it official. The website also noted that $52 million of Flacco's contract is guaranteed, and by giving him a $29 million signing bonus, he carries a salary-cap number of only $6.8 million for 2013.

News of Flacco’s deal comes just days after Patriots QB Tom Brady agreed to a restructured deal that is less than market value for a star QB. His cap number over the next five years of his contract is roughly $14 million. In comparison, Drew Brees signed a five-year, $100-million deal last year that made him the NFL's highest paid player at $20 million per season. That would carry an average of a $20 million cap hit each year, though the deal is far more cap friendly to start the pact.

Flacco played out his rookie contract last season for $6.76 million, leading his team to a win in Super Bowl XLVII over the San Francisco 49ers and earning MVP honors. On his way to his first Super Bowl, he beat the Texans, Broncos and Patriots—each team had at least 12 wins in 2012. In the four playoff games, he had 11 touchdowns and no interceptions. He also holds the record for playoff road wins with six.

The 28-year-old Flacco is the only quarterback to win a postseason game in each of his first five pro seasons.

Before the Super Bowl, Ravens owner Steve Bisciotti expressed confidence that Flacco would be the Ravens' quarterback of the future.

"We've never lost a great, great franchise player from the beginning," Bisciotti said. "I'm just very comfortable that it will get done."

Had Flacco been franchised, he would have earned at least $14.896 million this season.